By Brazil Stock Guide – Banco do Brasil SA (B3: BBAS3) follows Brazilian legislation and the laws of the more than 20 countries where it operates, Chief Executive Officer Tarciana Medeiros said on Wednesday, underscoring that the lender remains “strong and robust.” The remarks were reported by Reuters, a day after Brazilian bank stocks slid amid legal uncertainty surrounding foreign sanctions regimes, including those of the United States
Shares of Brazilian lenders, including Banco do Brasil, fell on Tuesday after Supreme Federal Court (STF) Justice Flávio Dino issued a ruling stating that foreign laws and decisions do not apply to Brazilians in Brazil. The order raised questions about the reach of frameworks such as the U.S. Magnitsky Act, which Washington cited in sanctions against STF Justice Alexandre de Moraes. In her appearance at a Finance Ministry seminar on public-sector governance, Medeiros criticized attempts to cast doubt on the bank’s integrity, saying it is “muita falta de responsabilidade” (a “great lack of responsibility”) when a Brazilian questions the solidity of an institution like Banco do Brasil, Reuters/Investing.com reported
Medeiros did not name individuals. Members of the government have recently faulted federal lawmaker Eduardo Bolsonaro (PL-SP) over lobbying efforts in the U.S. that officials say sought sanctions targeting Brazil, according to the Reuters/Investing.com account